•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Vietnam Gold Business Association (VGTA) has submitted a proposal to the Prime Minister seeking to clarify policy management for jewelry gold trading. The proposal would allow enterprises to borrow gold from the public at negotiated interest rates for jewelry production and trading, citing alignment with civil law.
VGTA said policy should clearly define the participants in gold trading, including individuals buying and selling gold not for business purposes, household businesses, and individuals engaged in gold trading. VGTA argued that this delineation would provide a basis for consistent application of invoices, taxes, and payments, helping to unlock gold resources within the economy.
In an interview with the correspondent, economist Dr Le Ba Chi Nhan expressed caution and said he opposes the proposal.
Dr Nhan noted that Vietnam previously experienced a period of “goldization” in which the banking system mobilized gold and lent gold, while enterprises borrowed gold for business and many people treated gold as a parallel payment instrument alongside VND. He said the outcome was weakened monetary policy, exchange rate pressure, and increased banking risks related to maturity mismatches and gold price fluctuations.
He pointed to Decree 24/2012, which he said was issued to end goldization and remove gold from credit circulation. In his view, allowing enterprises to borrow gold directly from the public—even at negotiated rates—would effectively reopen a gold-based credit channel in another form.
Dr Nhan said the core issue is not simply creating conditions for enterprises to borrow gold from the public. Instead, he argued for a safer approach to transforming gold into an economic resource through the formal financial system under the regulation of the State Bank.
He also reiterated that VGTA’s proposal—allowing enterprises to borrow gold from the public at negotiated rates to support jewelry production and business—was presented as consistent with civil law.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
